From Primrose to Greencoat - Gowling WLG advises on further substantial portfolio solar farm disposal

3 minute read
20 December 2016

Gowling WLG has advised client Primrose Solar on its disposal of a portfolio of six solar farms, with an aggregate capacity of 78MW, to Greencoat Capital's first solar vehicle, Greencoat Solar I LP, one of 2016's largest private solar M&A deals in the UK.

The portfolio comprises solar farms in Cornwall, Wimbourn, Chichester, Ashby-de-la-Zouch, Morecambe and Hampshire, with the latter - Eveley Farm - being one of the largest sites in the country at 49MW (and in respect of which Gowling WLG advised on the acquisition and financing earlier this year).

The deal was completed to a compressed and challenging timeline and comprises around half of Primrose Solar's current portfolio.

Corporate and energy partner Gareth Baker who, together with corporate and energy associate Mark Knight, led on the deal, said: "Having assisted Primrose Solar on one portfolio disposal at the beginning of the year, we are  thrilled to have provided Primrose Solar with assistance on another disposal. This deal was subject to a strict timeline, requiring responsiveness and high levels of support to complete within a timescale with which all parties were happy - our team duly rose to the challenge."

The full Gowling WLG team included partners Helen Emmerson and Lee McBride and associate David Barry (real estate), director Zoe Fatchen and senior associate Tom Rank (tax), director Graham Wrigglesworth and senior associate Charlotte Lockwood (planning), principal associate James Bruce (construction and project finance), director Louise Clifford and associate Emma Hine (employment), and associate Jade MacDonald (corporate).

A wider team of specialists from across the firm including Derek Goodban and James Stanier (regulatory) were also involved to provide Primrose Solar with a complete legal service.

Gowling WLG advised on the acquisition, construction and financing aspects of each of the solar farms that have now been disposed of, cementing its position as a 'one stop shop' for legal services for Primrose Solar.

Primrose CEO Giles Clark said: "We are happy, once again, to have closed a significant transaction with the help of our excellent team at Gowling WLG."

Gowling WLG has been mandated on a number of portfolio acquisitions and disposals throughout 2016 and looks forward to continuing to advise clients as the renewables sector continues to grow and consolidate.

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